Both OFX and Wise will give you a better exchange rate and lower fees than your local bank – but how do they fare against each other? We’ll look into how their fees, exchange rates and transfer speeds differ to find out which one comes out on top.
The fees and rates used in this comparison are accurate as of 13 March 2023.
OFX charges a $15 flat fee for transfers below $10,000, above this amount the transfer fee is waived. This makes OFX better suited for larger transfers.
Wise
With Wise, fees depend on where and how you’re sending money. Transfer fees range from 0.41% to 1.5% on your transaction, plus a small flat fee of a few dollars. For example, sending $1,000 to Bangladesh will cost you $12.81, while sending $1,000 to the United States will cost you about $9.
Winner: Tie
For sending smaller transfers, Wise will often be a better option for you in terms of the fees. But if you’re making a larger transfer, OFX may end up as a better option with its no fees for transfers over $10,000. We’re calling this one a tie.
Let’s crunch the numbers: Sending $1,000 and $10,000 to the Philippines
To put this into the context of a real-world transaction, this is what two different transfers look like when sending money with Wise and OFX. Keep in mind that transferring to other currencies will have different fees involved and may take longer.
In our imaginary scenario, we’ll be using a bank transfer.
Sending $1,000 to the Philippines
OFX
Wise
Transfer fee
$15
$10.63
Exchange rate
CAD $1 = 39.12 PHP
CAD $1 = 40.10 PHP
Transfer speed
3 business days
3 business days
Total pesos received
39,118 PHP
39,678 PHP
Receiver gets
560 PHP less
560 PHP more
Sending $10,000 to the Philippines
OFX
Wise
Transfer fee
$0
$69.55
Exchange rate
CAD $1 = 39.65 PHP
CAD $1 = 40.09 PHP
Transfer speed
3 business days
3 business days
Total pesos received
396,520 PHP
398,194 PHP
Receiver gets
1674 PHP less
1674 PHP more
For both transfers, Wise ends up the winner. Even though OFX knocks off the fee for larger transfers, Wise’s better exchange rate still makes it a better deal for this transfer.
Which offers better exchange rates?
OFX
A typical exchange rate at OFX is about 1% to 5% above the mid-market rate. So while OFX doesn’t charge a fee for transfers over $10,000, it still makes money on this margin.
Wise
Exchange rates are where Wise shines. It’s one of the only money transfer services that offers you the mid-market rate. So if you’re sending $1,000 to the Philippines and the mid-market rate is CAD $1 = 39.70 PHP, that’s the rate you’re going to get.
The mid-market rate is the average of the buying and selling rate of a global currency – and the rate banks and transfer services use when they trade among themselves. However, as a customer, you’ll rarely get that rate. Instead, banks and services add a margin on top to cover their own fees.
Winner: Wise
There’s no denying the power of paying the mid-market rate.
Which is faster?
OFX
Most currencies will take one to two business days. However, if you’re sending money to the US, it often arrives within a day.
Wise
Depending on the currencies involved and your payment method, it could take up to four business days for your recipient to see your cash. Paying by card is by far the fastest method, with your money arriving there immediately in most cases.
Winner: OFX
Both providers can get your money there fast for certain payments or currencies, but OFX has faster transfers overall.
Regulated by: ASIC, FCA, FINTRAC, FinCEN, C&ED, KLFB, DIA, MAS
OFX
With OFX, you go to its site, enter how much money you’re transferring and send your funds to an OFX account. OFX then converts your currency and sends it to your recipient, who collects it via bank transfer.
Wise
For Wise, you go to its site, select the currencies you are exchanging and indicate how much you want to send. After reviewing your rate and fee, you can authorize Wise to withdraw money from your bank account. They send your transfer once your money is deposited into their bank accounts.
When it comes to international money transfers, both OFX and Wise are forces to be reckoned with. When it comes to smaller transfers Wise is the clear winner. In comparison, OFX is better suited for large transfers as they have dedicated account managers, FX tools to hedge your currency risk and have no transfer minimum.
Looking for more options?
Our table below lets you compare services you can use to send money abroad. Compare fees, exchange rates and discounts from different money transfer services, and when you have made your choice, click Go to site.
No, both Wise and OFX offer bank account transfers only.
Yes. Both OFX and Wise give you the chance to wait for a more favourable exchange rate if you are transferring money to another currency. By locking in your preferred rate, you can exchange money when the rate is more favourable.
If you’re looking for a secure way to send money overseas, an international bank draft could be for you — but if speed is important, consider using a money transfer service instead.
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